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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and fee income        
Loans, including fees $ 3,738,061 $ 3,801,459 $ 7,289,936 $ 7,907,630
Taxable securities 613,978 484,721 1,173,649 938,178
Tax-exempt securities 132,927 62,748 242,056 132,354
Other 98,285 14,982 132,571 26,863
Total interest and fee income 4,583,251 4,363,910 8,838,212 9,005,025
Interest expense        
Deposits 37,824 42,317 74,621 96,841
Total interest expense 37,824 42,317 74,621 96,841
Net interest income 4,545,427 4,321,593 8,763,591 8,908,184
Provision for loan losses (75,000) 120,000
Net interest income after provision for loan losses 4,545,427 4,321,593 8,838,591 8,788,184
Other income        
Service charges and fees 343,030 304,539 650,623 592,763
Mortgage banking income 239,832 635,351 498,728 1,281,246
Gain on sales of securities     61,780
Other non-interest income 10,836 7,061 17,121 12,856
Total other income 593,698 946,951 1,228,252 1,886,865
Other expense        
Salaries and employee benefits 1,864,139 1,853,918 3,676,295 3,652,924
Net occupancy expense 626,488 615,637 1,247,430 1,227,905
Other operating expenses 345,477 302,182 640,209 634,263
Professional fees 165,154 151,171 304,797 276,097
Data processing fees 137,157 161,688 286,247 324,122
Total other expense 3,138,415 3,084,596 6,154,978 6,115,311
Income before income tax expense 2,000,710 2,183,948 3,911,865 4,559,738
Income tax expense 457,728 515,264 904,777 1,080,979
Net income $ 1,542,982 $ 1,668,684 $ 3,007,088 $ 3,478,759
Weighted average shares outstanding        
Basic 5,550,951 5,528,835 5,547,767 5,525,291
Diluted 5,693,808 5,686,026 5,682,968 5,690,024
Basic income per common share $ 0.28 $ 0.30 $ 0.54 $ 0.63
Diluted income per common share $ 0.27 $ 0.29 $ 0.53 $ 0.61